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Bitcoin Price Tops $1,000 in First Day of 2017 Trading

coindesk.com

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Re: Bitcoin Price Tops $1,000 in First Day of 2017 Trading

#41

Post by kneel »

nikolay wrote: post #29
kneel wrote: post #10

Bitcoin is living up to it's reputation as digital gold. The Chinese are running away from RMB and buying bitcoin, Venezuelans are running away from Bolivares into Bitcoin. And to a lesser extent some Indians are escaping the Rupee. It'll be really interesting to see how governments try to deal with decentralized currencies if they really take off. Governments lose a lot of control when they can't control money.

That's not true at all - just paid marketing via questionable news sources. When you look at the volumes, which haven't increased much, this is all speculation so prepare for a sharp dump soon!

Curious where do you view total volume? I'm guessing blockchain.info but which chart are you referring to?

Re: Bitcoin Price Tops $1,000 in First Day of 2017 Trading

#42

Post by sanswork »

mrb wrote: post #22
67726e wrote: post #2

OK, I'll be that guy. Is this actually intellectually stimulating to hackers? Should I start posting stock tickers for karma?

There has been so many critics of cryptocurrencies on HN that hopefully this 3-year high makes people stop and ponder on why Bitcoin has succeeded beyond anyone's wildest expectation over the last 8 years...

It hasn't succeeded anywhere over the past 3 years except in price.

Given peoples expectations 3 years ago I'd go so far as to say it has wildly failed everyone in the bitcoin spaces expectations.

Re: Bitcoin Price Tops $1,000 in First Day of 2017 Trading

#43

Post by h1d »

kneel wrote: post #10

Bitcoin is living up to it's reputation as digital gold. The Chinese are running away from RMB and buying bitcoin, Venezuelans are running away from Bolivares into Bitcoin. And to a lesser extent some Indians are escaping the Rupee. It'll be really interesting to see how governments try to deal with decentralized currencies if they really take off. Governments lose a lot of control when they can't control money.

Everytime the price fluctuates, people tend to provide whatever the likely cause but do you have any solid proof that those are really the cases?

If they're all right they could certainly voice before prices move but usually I hear nothing while the price is flat.

Re: Bitcoin Price Tops $1,000 in First Day of 2017 Trading

#44

Post by pmorici »

kneel wrote: post #41
nikolay wrote: post #29

Earlier quoted context omitted.

That's not true at all - just paid marketing via questionable news sources. When you look at the volumes, which haven't increased much, this is all speculation so prepare for a sharp dump soon!

Curious where do you view total volume? I'm guessing blockchain.info but which chart are you referring to?

https://coinmarketcap.com/

That site has some numbers as far as exchanges go but there really isn't any place you can go to see a definitive trading volume number.

You also can't rely on volume numbers for any exchange that offers trading at 0% fees. The big three exchanges in China all have inflated volume numbers.

You could also look at value of Bitcoin transacted on the blockchain itself. Transaction volume had been steadily growing until it hit the current theoretical maximum in the last half of this year. The thing to look for now is increasing total transaction value. Hopefully the blocksize gets raised soon so total transactions can continue to grow again.

Re: Bitcoin Price Tops $1,000 in First Day of 2017 Trading

#46

Post by pmorici »

ryandvm wrote: post #7
johndevor wrote: post #4

Earlier quoted context omitted.

Just the world's first digital, decentralized currency succeeding. Hackers can and will use it to create new and fascinating projects.

Skyrocketing value is not a desirable trait for a would be currency.

During the adoption phase the value needs to appreciate. Think about if you wanted to use a currency to do a $1 million USD transaction. If there is only $500k of that currency in USD terms you are going to have a hard time. So the value of the currency needs to be an order of magnitude or more above the largest transactions it will accommodate.

Re: Bitcoin Price Tops $1,000 in First Day of 2017 Trading

#47

Post by nikolay »

pmorici wrote: post #44
kneel wrote: post #41

Earlier quoted context omitted.

Curious where do you view total volume? I'm guessing blockchain.info but which chart are you referring to?

https://coinmarketcap.com/ That site has some numbers as far as exchanges go but there really isn't any place you can go to see a definitive trading volume number. You also can't rely on volume numbers for any exchange that offers trading at 0% fees. The big three exchanges in China all have inflated volume numbers. You could also look at value of Bitcoin transacted on the blockchain itself. Transaction volume had be…

Well, I am looking at the exchange volume, which is not increasing - even with 0 fees! The blockchain volume is really hard to interpret.

Re: Bitcoin Price Tops $1,000 in First Day of 2017 Trading

#48

Post by firebones »

jacobush wrote: post #39
stale2002 wrote: post #38

Earlier quoted context omitted.

The difference being that irresponsible governments use force to require you to use their services. At least if a private party screws me over, I can stop doing business with them.

You are an old man who thinks in terms of nations and peoples. There are no nations. There are no peoples. There are no Russians. There are no Arabs. There are no third worlds. There is no West. There is only one holistic system of systems, one vast and immane, interwoven, interacting, multi-variate, multi-national dominion of dollars/bitcoins

Bravo. It's time to watch "Network" again!

https://sfy.ru/?script=network

Re: Bitcoin Price Tops $1,000 in First Day of 2017 Trading

#49

Post by pmorici »

nikolay wrote: post #47
pmorici wrote: post #44

Earlier quoted context omitted.

https://coinmarketcap.com/ That site has some numbers as far as exchanges go but there really isn't any place you can go to see a definitive trading volume number. You also can't rely on volume numbers for any exchange that offers trading at 0% fees. The big three exchanges in China all have inflated volume numbers. You could also look at value of Bitcoin transacted on the blockchain itself. Transaction volume had be…

Well, I am looking at the exchange volume, which is not increasing - even with 0 fees! The blockchain volume is really hard to interpret.

Volume denominated in what? If you are looking at volume denominated in BTC then in an environment of rising prices that means your volume is actually going up if the volume stays the same.
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